Page:United States Statutes at Large Volume 77.djvu/251

 77 STAT. ]

PUBLIC LAW 88-133-OCT. 5, 1963

219

Public Law 88-133 AN ACT To amend the Railroad Retirement Act of 1937, the Railroad Retirement Tax Act, the Railroad Unemployment Insurance Act, and the Temporary Extended Railroad Unemployment Insurance Benefits Act of 1961 to increase the creditable and taxable compensation, and for other purposes. Me it enacted by the Senate and House of Representatives iTmted States of America in Congress assembled,

)cto [H. R. 8100]

of the

TITLE I — AMENDMENTS TO THE E A I L R O A D RETIREMENT ACT O F 1937 1. Section 3(a) of the Railroad Retirement Act of 1937 so Stat. 3io; is amended by striking out "$250" and inserting in lieu thereof 45 ug^ 2*28c "$300". SEC. 2. Section 3(c) of the Railroad Retirement Act of 1937 is amended by inserting before ", shall be recognized" in the second sentence the following: "and before the calendar month next following the month in which this Act was amended in 1963, or in excess of $450 for any month after the month in which this Act was so amended". SEC. 3. Section 4(k) of the Railroad Retirement Act of 1937 is se Stat. 205; amended by striking out "by the individual who rendered such mili- ^°4f'^usc^2^28c-i tary service", and by striking out "six months" and inserting in lieu thereof "twelve months". SEC. 4. Section 4(n) of the Railroad Retirement Act of 1937 is 70 Stat. 877. amended— (1) by inserting after "January 1, 1937," in the first and sixth sentences the following: "and after June 30, 1963,"; (2) by striking out "after December 1956" in the first sentence and inserting in lieu thereof "after December 31, 1956, and before July 1, 1963,"; (3) by striking out the second, third, and fourth sentences and inserting in lieu thereof the following: "The additional cost of crediting military service rendered prior to January 1, 1937, and after June 30, 1963, shall be determined as follows: (i) determine the difference between the actuarial value of the benefit payable under this Act based in part on military service and the actuarial value of the benefit which would be payable to the same individual without regard to military service; (ii) with respect to military service rendered after June 30, 1963, adjust such difference by applying thereto the ratio of the total net level cost of all benefits under this Act to the portion thereof remaining after the exclusion of administrative expenses and interest charges on the unfunded accrued liability after taking into accountjhe effects of section 5(k)(2); and (iii) subtract the actuarial Value of such benefit 70 Stat. sae. based on the individual's military service as i^ includible in ^s use 228e. determinations made pursuant to section 5(k)(2). In calculating' these actuarial values, the Board shall use such mortality tables and actuarial factors as it finds appropriate; the ratio referred to in clause (ii) of the preceding sentence shall be determined from time to time by the Board on the basis of actuarial estimates made in accordance with section 15; and all actuarial values shall 50 Stat. 316; be calculated as of the date on which the benefit based on military ^°*'' P- 220. service begins to accrue and shall not thereafter be subject to " ^ "^^ ^^*°' ^ change. AU actuarial calculations in this subsection shall take into account interest at the rate used in the actuarial estimates referred to in the preceding sentence."; SECTION

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